REAL ESTATE TECH: TOP 3 PREDICTIONS FOR THE FUTURE
Emerging technologies and shifting homebuyer demographics have begun to shake up the real estate industry in recent years. For Real Estate Agents uncertain of what the future holds, understanding the current market is essential to striking an optimal deal. But it is equally important to know where the market is headed in the coming years.
To be prepared, familiarize yourself with three of the biggest disruptors that will define the landscape of the real estate industry in the not-too-distant future according to Forbes and the National Association of Realtors (NAR).
Real Estate Search Platforms
Today’s buyer is empowered, more than ever, by technology with readily available data. Almost everyone has a smartphone and a computer, with easy access to online services and tools. In fact, today, 4.2 billion people are active internet users. This makes it much more difficult for companies to sell potential customers on services because the average person is now more informed.
The same holds true for the real estate industry. Buyers now have access to a multitude of tools and services that are upgrading the home search process. Consider that 42% of recent buyers looked online at properties for sale as their first step in the homebuying process, according to the 2018 report from NAR. Buyers use online tools to answer their many questions from knowing how the bathroom to bedroom ratio to the number of restaurants, gyms, café, dog parks, walkability, bikeability, crime rates and the like.
Not only that, but buyers can take their research one step further and dig deeper into their real estate agents, too. It won’t do for agents to simply have a real estate license or be recommended by a family member. Buyers are looking for more than just someone who “has their real estate license on the side.”
Online Real Estate Transactions
Traditionally, buyers have relied on the help of real estate agents and other industry professionals to conduct and close the transaction. However, power is now shifting back into the hands of the buyer, and an online transaction dashboard could help foster this newfound sense of independence.
Instead of passively being involved in the transaction process, a secure online dashboard allows the buyer to actively search for new homes and make offers with the assistance of their agent. Buyers wouldn’t operate independently, though: the real estate agent is still there to help them with negotiation and may even be able to find rebates and credits for the buyer.
Plus, it would enable a real estate agent to act more like a navigator instead of a director, helping the buyer to process and understand the data in their dashboard.
Rapid Closing Processes
In the 21st century, nobody wants to wait for anything. There’s an overwhelming need for instant gratification, which is due in part to the prevalence of smartphones and easy-to-use applications. Hailing rides, ordering food, shopping for groceries everything can be done in a matter of minutes or seconds.
Yet the real estate closing process is still stuck in ancient times: It takes 44 days on average to close on a mortgage. And it’s not much faster if you’re preapproved for a mortgage, typically, buyers are looking at 30 days. But this lengthy process is not keeping up with the times and adds frustration and anxiety to the process of purchasing a home.
In the near future, we’re going to see an increase in search platforms, online transactions, digital mortgage platforms and faster closing processes. And you’ll want to keep these three predictions in mind to help you prepare for the up-and-coming wants, needs and demands of the new-age buyer.
The bottom line is that the new age of the Real Estate industry has to be faster, smoother and done right. But with all the roles a Real Estate Agent has to perform will there be enough time to do it all for multiple clients whilst having a healthy work-home balance?
Here’s a suggestion. A Virtual Assistant can perform multiple tasks for you and your business whether it be TRANSACTION COORDINATION, DATABASE MANAGEMENT, APPOINTMENT SETTING, LEAD GENERATION, SALES, MARKETING, COLD CALLING and the like.
Virtual Assistants from Summit VA Solutions are more than your average Virtual Assistant because they are College Educated, Background Checked, DISC tested and are given 160 hours of extensive Real Estate training that is geared towards understanding the end-to-end of Real Estate operations.
Interested to know more? Contact us!
About the writer: Shaura Cuyan writes about all the hottest Real Estate trends and predictions for Summit VA Solutions! She has previously written for a number of freelancing gigs and writes her own blog on lifestyle and current issues. She is a Graduate of Bachelor of Arts in Communication, taking up her Masters in Development Communication.